Economy News

Seoul Provides Wage Subsidies for Foreign Invested Companies

02/17/2017SMG4170

Seoul Metropolitan Government provides foreign invested companies, who newly hired more than 10 employees in 2016, with up to 400 million won consisting of wage subsidies for employment (200 million won) and workplace training subsidies (200 million won).

In order to encourage foreign invested companies to create more jobs and make more investments in Korea, Seoul has provided 4.243 billion won to a total of 1,808 new employees of 52 foreign invested companies from 2005 to 2016.

To claim the subsidies, the ratio of foreign investment to total investment should be 30% or higher and the companies, which have registered their businesses in Seoul within five years (in the case of increased investment, within five years after investment is made), should have 10 employees or more who have been newly employed in 2016.

A maximum of 1 million won is provided per person from the 11th new employee for up to six months. The subsidies do not exceed 400 million (wage subsidies for employment of 200 million won + workplace training subsidies of 200 million won) per company.

To receive the subsidies, foreign invested companies should be engaged in one of the eight new growth engine industries (▴IT convergence, ▴digital contents, ▴green industry, ▴business service, ▴fashion and design. ▴finance, ▴tourism and convention, and ▴biomedicine).

Foreign invested companies who want to receive the subsidies can download an application form from http://investseoul.com/ and drop it off at the Investment Promotion Division, Seoul Metropolitan Government or submit it by mail from February 16, 2017 to April 28, 2017. Successful applicants will be selected by the Foreign Investment Promotion Council.